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's the ultimate game of chicken. by the way, a new plan that works in taxing bank assets and even grabbing some money from the church. how about that. meanwhile, back here at home once again i'm going to stop this nonsense about a new national internet sales tax. my pal grover norquist will help me declare war on it. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good
and businesses and consumers do not want to hear, it's a new tax on the internet. even downloads from ituness, who thinks that is a good idea? not me, here is good news "the kudlow report" begins right now. president obama in israel for the first same in his presidency, securing the relations with the allie in the middle east, here is what he had to say when greeted by benjamin netanyahu. it's in our fundamental security interest to stand with israel. it makes us both stronger and more prosperous and makes the world a better place. >> so question is, what exactly is the president hoping to accomplish in israel. here now we republican former u.s. ambassador and dan senor the coauthor of start up nation. joining me here on set for the hour, ryan grim, huff post washington bureau chief, and tony frato, former white house deputy press secretary. welcome to one and all, if i may go to you first, ambassador, there's all this media chatter that i'm reading today that president obama the not know what he wants to do and he has no agenda. it's said that he was the first u.s. president to visit israel
! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
dollars in unpaid taxes and employees skipped out. and help may be on the way. and house committee jason chaffetz, a member of that committee is here. >> thank you, greta. >> greta: what's on the way? we pay the salaries of the federal employees, but looks like a pass when it comes to taxes? >> look, if you don't pay your federal taxes, you should be fired. that's what the bill does. if you're trying to make whole on this and going through restitution, great, you're fine, but we have 107,000 current federal employees on the know, being paid by the taxpayers that have serious delinquent tax debt and we have to fire those people if they refuse to pay their taxes. >> greta: when you're talking about what kinds of numbers. 3.5 billion is the total. and your bill omits members of the military. >> military, we have a different situation, they deal with hardship, some of retirees. but you have 688 people working on capitol hill in the house and senate and you have 40 people working-- >> and now their names. >> we know how many, we know how many. because there's a tax lien there's public record
frantically looking to rejigger the tax. i stress, not eliminating the tax. maybe focus on the rich. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that y
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson. director of the pediatric division at john hopkins university. and with us this hour, cnbc contributors keith boykin. as always, dr. carson, great to see you. i'm reading one of many articles that you're retiring in 100 days. i wonder if you would share future plans, especially public service. >> i have a lot of things on my agenda. i've got ten international trips. a multitude of speaking engagements around this country. we're working very hard with the college fund. we're in all 50 states. we're putting in reading rooms all around the country. particular particularly targeting title one schools. >> as you know, senator carl levin is retiring. any interest in that open senate seat? >> people keep trying to put me into politics. i don't believe i fit the mold. i don't believe in political correctness, and i certainly don't believe with getting into bed with special interest groups. i just don't believe i'd fit. >> how a
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
on spending and taxes. so far, the game is not going very well. >> is the grand bargain dead? >> i don't know whether we can come to a big agreement. the president believes that we have to have more taxes from the american people. we're not going to get very far. >> the president has sounded equally pessimistic about bridging the divide. >> it may be that the differences are just too wide. if their position is we can't do any revenue, or we can only do revenue if we gut medicare or gut social security or gut medicaid, if that's the position, then we're probably not going to be able to get a deal. >> while there's not much agreement there are plenty of ideas. washington is awash in budgets. no less than six plans are currently circulating on the hill. there is the plan from senate democrats, or the murray plan. it includes a one-to-one ratio of spending cuts and tax increaseses, as well as short-term stimulus. then there's the house democrats' budget, which pushes for $200 billion more in revenue than the plan proposed by their party members in the upper chamber and there is a congressional pr
, and opportunity. they are clinging to the status quo. more taxing, more spending, more borrowing. we owe the american people a responsible, balanced budget. that's what we are delivering today. and i urge support of this resolution. >> well, paul ryan's pitch worked. 221 house republicans backed his plan that seeks to slash almost $5 trillion in spending and balance the budget in ten years. senate democrats promptly voted the ryan plan down last night. with me now michigan democratic congressman sander levin the top dm on the ways and means committee. i know you've spoken out forcefully against the ryan budget. let me ask you this. where do we go? republican controlled house, democratic controlled senate. obviously the senate made very clear the ryan plan was not their vision for the future of budgeting in this country. where do we go? how do we resolve these differences on where to spend money and why? >> it is going to be very difficult. the republican conference has really become radicalized. i was reading a clip from politico a few days ago that had republicans in georgia saying they
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
premiums and insurance costs are rising sky-high. so are taxes. and small business costs are reducing profits by as much as 65% according to one small business owner we will talk to tonight. and the virtues of a free market capitalism that we talk about every night on this show are now forbidden fruit at stanford university. a popular long running pro capitalist course at that school has now been cancelled. what is up with that? "the kudlow report" begins right now. >>> first up, a major vote in the cyprus parliament helping to get that country closer to a teal with the european union. michelle caruso-cabrera joins us from cyprus again this evening with the very latest. good evening, michelle. >> reporter: larry, lawmakers here in cyprus taking a huge step tonight to prevent the financial collapse of their country. they pass ad law that will allow for the restructuring of their banks. this essentially means their sickest and largest banks will be down sized and made more healthy. this was a key demand by the european partners in order to secure a 10 billion euro bailout for the countr
a plan for the new budget, including new taxes. how much you ask? reaction from one of the top republican leaders in the house on that dollar figure. martha: how about this? there is a report out there that a hacker is giving out confidential memos on the terror attack in benghazi. how could this have happened when lawmakers and the victims families still do not have any answers in terms of what they have been demanding? big questions this morning. john bolton on that. >> the security in benghazi was a struggle and remain ad struggle throughout my time there. the situation remained uncertain and the reports from some libyans indicated it was getting worse. diplomatic security remained weak. in april there was only one u.s. diplomatic security agent stationed there. ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operation. ♪ when emerson takes up the challenge, "it's never been done before" simply bemes consider it solved. emerson. ♪ given way to sleeping. tossing and turning have where sleepless
to be? the monopoly man smoking a cigar? let's take a look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to r
and, of course, old ideas are being revived, the idea of a depositit tax is coming back to the table. but we know, of course, just how unpopular that was. kelly. >> exactly. we seem to be almost back to where we started. carolin, thank you so much for that. carolin and steven both following these developments for us. >>> let's check on market reaction in asia. there's plenty going on in the world aside from cyprus. li sixuan joins us with the latest. eye, sixuan. >> thank you, kelly. markets in asia ending on a mixed note. there are lingering concerns over cyprus and north korean threats. political uncertainty in australia add add pressure on the markets. the asx 200 closed down 0.2% amid julia gillard's leadership. the main data point today was hsbc china flash pmi data for march, showing a rebound in the country's manufacturing activity. with concern, financial sector risks, housing bubbles and inflation, beijing may need to compromise growth to control medium term risks. the shanghai composite eked out a modest gain of 0.3%. in hong kong, the hang seng ended marginally lower ahead
are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their balance shee
a silicon valley insider and former yahoo coo daniel rosenzweig on the push for the sales tax. what impact will that have on retailers? you'll want to hear his answer this morning and first, why dollar general can make some sense for your portfolio and take one more look at futures this morning. looking at a pretty decent open for a short workweek this day as we have good friday off here. live from squawk on the street from post 9 when we return. your big picture. but e with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> shares of dollar general rising in pre-market tradex clueding items that yrms 97 cents a share, beating wall street forecasts and revenues essentially in line with the company benefiting from increased food sales and jimmy,
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white pe
for 1 trillion in tax increases over the next decade. elizabeth plan will break it down at the bottom of the hour. president obama wrapping up four day tour in the middle east. before leaving israel the president managed to broker a an apology from netanyahu to the british prime minister over commando raid turkish ship that killed 8. he admitted mistakes were made in 2010 as forces were nato embargo. >> can i tell you about this meteor? >> i love that i was up up all night tracking this. this was the meteor they were talking about if you live along the east coast. it's all anybody is talking about. video of reportedly a meteor over a home in maryland from north carolina all the way up to maine. hundreds of people reported official across the sky. claims to captured the security video too. nasa experts says the space rock was probably the size of a softball or volleyball. they are not sure what size ball it was. perhaps a basketball. it burned up in the atmosphere though. >> alisyn: thank goodness. thank you for monitoring that. please call me immediately if you see it heading towards
. his government has been blamed for a lot. the country has become a bit of a tax haven for rich russians. some banks, we are told now, will reopen on tuesday, but restrictions will be in place. there was real fear there will be a run on those banks when they do reopen and in fact, we have just learned that the two biggest and most troubled banks will not reopen tomorrow. we're told now they won't open again until thursday. what is the u.s. take away from all this, megyn? >> europe, the ally, and trading partner for the united states, certainly, is intact. that's a good thing. but according to experts, the credibility of the euro shall the credibility of the european union has been damaged by all of this back and forth for the past couple of days. as you noted, a very dangerous precedent has been set, that is dipping into private bank accounts to pay for the government, and maybe that's why we see the markets both here and in the states go down today. >> megyn: greg palkot, thank you. it's not often that the economy in cyprus makes global headlines, but experts say the latest and
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
their taxes as well. we're talking about the thousands of government federal employees dodging the i.r.s. should they be fired? we've got an update on that this morning. >>brian: you think a woman's cheating husband would get the message. after she uses a billboard for revenge. but the best part is how she paid for it. look at that. "fox & friends" starts right gnaw. >>steve: welcome to march madness live here on the "fox & friends" set. >>alisyn: good to be with you all. >>steve: the president is out of the country, 50-hour sprint in israel. we have a situation where a lot of you are saying it is so cold here, i can't wait for vacation. we have a great segment in about 20 minutes. we have the founders and c.e.o. of 14 sandals, three beaches. wouldn't they like to see alisoe just as a token. we might have a beaches bureau. >>alisyn: let's do it. i volunteer. let's talk about the middle east. the president is making his first trip to israel since becoming president and there's a lot of tension, including this attack with rockets fired across the border. >>steve: indeed. somewhere in g
going to go back to the original plan of taxing deposits. i am toll that's not going to be submitted to the troika. that may be the pipe dream of some in parliament. ladies and gentlemen, back to you. >> thanks, michelle. i was looking at the european bourses and i mean, if they can't sell off on this, and it's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some
spent it all. >> jesse: only 30 million. >> clayton: and now talk about what the taxes look on all of this. can i play the opposite side. you win million, 25% of that lump tum gone to the federal government and 84 information gone to, 0 gone to the federal governme government. >> alisyn: and then new jersey has a high state tax as you can see, 10.8%, so 36 1/2 million will go to new jersey, i know you're thinking, can i move today to texas? and i know you shall the winner are listening and kudos for your ingenuity. yes, you might be able to move to a state with no state tax, but new jersey might still take it. >> jesse: and if chris christie has its way, going to get more of your dough because i think the 7.8 to 9.8, good luck. >> clayton: hallelujah. still taking home 216 million dollars. that's what he would get it end. >> jesse: what would you do with that kind of dough. >> alisyn: let's talk about that. >> clayton: i don't know. >> jesse: would you buy me a boat. >> clayton: i would buy you a boat first. i don't know helping starving children i would help jesse get a boat. >> j
to panic about a possible tax, they try to withdraw their funds you could see big problems for european banks. >> maybe this might help in a small way. talk about a billion-dollar business and that's college ball. >> that's exactly right. total ad revenue for the tournament surpassing $1 billion in 2012. making it larger than any other professional post-season championship. . that's according to cantor media. costing $1.4 million this year. spam posting a video with sir camelot screaming that he can't get over the madness of march. i'm not sure what to say. >> i'm going to put my money down on cal. jackie deangelis, thank you. >>> consumers are generally satisfied with their shopping experiences. here are the retailers with the worst customer service according to the american consumer satisfaction index. number five, sears. cvs. safeway. number two, netflix, and walmart, the lowest rated store in the subject since 2007. ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal r
's a tax. so theoretically, authorities have the authority to actually collect taxes on whatever. except it is being perceived as an ex appropriation of the savings. so -- but this is cypriot. this is a cyprus problem. don't extend it to the euro. the euro is not in danger because of what's happening in cyprus. nothing is going to happen to the financial system of the world because of what's happening in cyprus. we haven't had very enlightened series of decisions. since greece. and then we've bumbled a little bit, we've tumbled and is bumbled with spain and italy and now this cypriot thing is going to need a better design. >> so what is the design? what's the reasonable solution? >> well, one of the things is you don't have to affect the people who are below a certain threshold. now they're thinking about 20,000 or 50,000, whatever the threshold is. the conventional threshold used to be 100,000, but it doesn't have to be the case. the question is here. you really have to, you know, critters of the financial system have to take losses. you cannot make it a point. and this is the biggest m
taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten because my short positions aren't making any money. he's not responding to the people who are short. he's actually responding to the american people. old-fashioned kind of guy. >> in terms of the reaction in the markets after the ben bernanke news conference, was that surprising at all that, for whatever reason, for whatever he said, the markets managed to rise and actually reached the highs of the day afterwards? >> i think there were a lot of people who expected that he would put in some language that just says, we're not going to keep rates low indefinitely because we see real estate, affordability is fantastic. you pick up the front page of the
have bank accounts would be taxed one time on their deposits. so if someone has an account with $129,000 or less, they would have to fork over almost $9,000. that's a 6.7% tax. people who live there as you can imagine, they're really nervous about this tax. over the weekend, many rushed to withdraw their money out of the bank. this is what's unnerving the markets right now. about 15 minutes before the opening bell. >> al wlis siclisoison kosik li york stock exchange. >>> the heat tied a leg record for the second most con secreta consecutive wins. they will try to extend the streak in boston tonight when the celtics have their own run going, 11 straight home wins. >>> another miami basketball team is also on a roll, though. the university of miami hurricanes beat north carolina to become atlantic coast conference champs and advance to the ncaa tournament. 67 other teamses are in the big dance which tips off tomorrow. that means it's time to fill out those brackets. carlos diaz is checking a huge one here in the cnn center. wow, carlos. ♪ ♪ indiana, indiana, we're all for you, we w
. >> are you supposed to pay this tax, and people -- people don't do it. i think last year in missouri we had about 300 people pay the tax in the entire state. >> basically, it will say all states have to have sales tax. forget your income tax. and beyond that, it will be the same rate. >> not everyone is on the same page, senators from both parties also argued against the internet sales tax. >>> a canadian highway has reopened after a massive pileup, injuring 100 people. the mile long accident happened on a highway near edmonton during a spring snowstorm. several stranned passengers were helped. >>> a teenage girl hiding inches away from three burglars robbing her home. she was on the phone with 911, and the operator could even hear the burglars. cnn's miguel marquez has more. >> reporter: this young woman was home alone when three burglars broke in. >> i so was scared. i could see them. >> reporter: the quick thinking 15-year-old grab as a phone and called 911. >> please hurry. >> we have a helicopter on the way too. >> reporter: she hid behind clothes in her robber's closet. the robbers so
nuts. >>> the irs. yes, the internal revenue service, is behind this "star trek" movie starring tax collectors and it's getting backlash. first, we start with developing news at this hour. secretary of state john kerry made a surprise visit to baghdad earlier today where he spoke to prime minister nuri al maliki. secretary kerry is now in amman, jordan, and so is chief foreign affairs correspondents andrea mitchell, traveling with the secretary of state. she joins us by phone now. andrea, what did secretary kerry accomplish with this trip to baghdad? >> reporter: well, it was a very tough trip and a tough message, because we went to baghdad, a quick visit. surprise, under tight security and secrecy, for obvious reasons, because ten years ar the war, there still are terror attacks. last week, when dozens were killed in baghdad. he was in a secure place in the embassy and then visiting prime minister maliki and the speaker of the parliament in iraq in their residences, but his message to mallski that the maliki government is permits iran to send weapons and fighters, overflight, loade
on a positive note when something like bank deposits will be taxed as a way to raise money. they don't understand why investors here like you and me aren't more worried that the authorities there are willing to risk bank runs in spain or italy because of this hair-brain scheme. at this stage they would gladly pay for rioters in the streets of cyprus if we can get the media to accentuate today and link cyprus to the rest of europe and the united states, even if the european authority recognize that is the issue is that banks are safe havens for russian laundered money! the short sellers, they would at least pay cash for the numbers to line up. once they get some runs going leads me to the simple conclusion that intellectually short-sellers will do the best to say whatever resolution is arrived at or not arrived at, we have got the dreaded are you ready scheme daddy lehman brothers on our hands! wow. yes, they are envoking lehman. that's what they're doing. why lehman brothers? because you know what? lehman is code for thermal nuclear financial war. it was the line drawn in the sand be
people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip forms
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
at conocophillips. >> there's an opportunity to generate a couple of trillion of dollars in tax revenue over the next 20 years. there's opportunity to generate millions of additional jobs. >> well, believe it or not, joining us right now is former nfl quarterback drew bledsoe. he's an investor in a company called ecosphere, which is making a big bet on fracking, and more specifically, drew, it's about the cleaning of the water that's used in the fracking process. it's an environmentally clean process, which has a lot of people worried about the impact fracking has on the environment. this is a possible solution, i guess, yes? >> it is, exactly. i help lead an investment group and funded some brilliant scientists down in florida actually a few years ago. our technology uses no chemicals. we actually in the past since 2008, we've cleaned over 2.8 billion gallons of water, which has eliminated 1.3 million gallons of chemicals. we allow these companies to, first of all, clean the water before they use it the first time, and then also recycle it and reuse it in their process. so we're closing the
need -- we've gotten less tax revenue because of the recession. and so, remember, the europeans have already bailed out greece, portugal, ireland. so when cyprus went to them, we'll lend you $10 billion. you guys have to come up with $7 billion. and the way the cyprus economy is structured, it's almost all banks. huge banks relative to the size of the economy. and so the solution they came up with was taxing deposits in banks. that has turned out to be incredibly controversial. last night the parliament here voted it down even though there had been intense negotiations for weeks about it. now today, it's about plan "b" and it's not clear whether there will be a plan "b." the banks are closed, only get money out of atms, the financial system here on the verge of collapse. and if things don't get resolved quickly, this could be the first country that leaves the euro, chris. >> obviously, investors around the world are watching this really closely. what about here in the u.s.? what kind of repercussions might we feel here? >> well, the biggest repercussion that we saw is when they decid
tax on the large depositors which would lead to a tax of around 15% or 16%. or they can basically restructure their two bad banks. it would be very simple to do that. what would happen is the banks would write off all their equity, write-off their senior debt, write-off their dpovt subordinated debt. and then the large depositors would president owners of the new bank and convert. >> narrator: between 50% and 30% of their new depositors in the banks. >> could they say we don't want to do anything of those? >> certainly they can choose to do that. i don't think that's necessary. basically, if they do nothing, and the ecb carries through with its policy of cutting off liquidity on monday, they will have no choice but to restructure the two banks. >> are you surprised to see lines forming? >> no. depositors are frightened for their money. they've been told there's a high likelihood of the banks closing and staying closed for a period of time. in fact, the lines are not as long as i would have expected them. >> wow. interesting 30i7b9. i had a discussion with simon hobbs, my colleague
, which is to tax depositors below 100,000 euros. exactly one week later, that idea is completely dead. it's not going to happen. however, if you have uninsured deposits, over 100,000 euros in either one of the two banks that are going to be restructured, you are going to suffer severe losses, anywhere between 30% and 70% depending on which bank. equity goes to zero. junior bondholders to zee he row. senior bondholders for the most part to zero depends on the bank. what's the impact for investors? if you are an investor in european banks, you are on notice. every single bailout that has happened, your protection has diminished step by step by step. this is by design. it is europe's stated goal that by 2018 bailouts will not be a burden of the taxpayer. they will be born by the private sector and the investors in the questionable institutions. these banks will likely see interest rates rise as a result of this, maybe the countries that they're in. the question is, is this going to cause broader risk or force discipline and responsibility or both? >> additionally, european decision making on
to collect sales tax from all out of state internet retailers will take place in the senate today. inevitably, it has a lot of support from the big box retailers in particular. let's bring in john harwood who is live from d.c. though this may just be a symbolic vote, weir to are told john. >> symbolic, but not meaningl s meaningless. it's a spring training of sorts to test opinion within congress on various causes. we saw a vote yesterday on the budget resolution, on the repeal of a medical device tax that was included to help finance the national health care law in the early part of the obama administration. the reason it's spring training is that budget resolutions themselves are not lost. so these are not binding votes, but they're a way to test sent ims for what they make later on and that's what we're seeing on the online sales tax situation. 48 states already have laws on the books requiring online retailers to collect state sales tax, but those laws are often ignored and you have a bill that has some bipartisan support that would require all states to collect those taxes. if split, th
amendments on the keystone xl pipeline. there were amendments on the medical tax device that pays for obama care. there are amendments on all sorts of things that don't have to do with the budget. so it was as political as it was about policy last night. >> yeah. but amie, you know, democrats passing this first budget in four years here, how significant is that? and what does it call for? >> well, it's significant just like andy said. it's sort of all politics at play. but you know, it's so vastly different from what the republicans in the house want. so i don't think -- and it's different than what the president wants. so i think that list just posturing. you know patty murray expressed optimism. she said that they might be able to bridge that divide. but i'm rather skeptical of that, alex. >> yeah, i'm curious, andy, why do you think? because you've got one being passed by the democratically controlled senate, and then you've got the house, or the gop control, do you think there's any chance these two extreme budgets in terms of their perspectives, will be mitigated and something will be
of the big ones, they can't be seen as the party of no. it stands for taxed enough already. we understand we want to draw a line in sand and not tax anything else. at some point you have to be for something and some point have to get people on your side to your mission and vision and move legislation. you can't just be sitting up there pounding your fist, saying no and pointing to constitution. while i love and respect the constitution, you have to use the that to bring people on to your side, not turn people off. that's an issue. as far as rand paul's concerned, look, libertarian as though he may be, he's got some issues and stances that could bring some people on to the conservative libertarianism. i don't know what that is, either, by the way, goldie. he could bring people to that side. goldie also pointed out there are big issues he has about civil rights and things like that that are nonstarters that no one brought up in the last few weeks since his filibuster. >> so, angela, republicans have talked a lot about how they can do better among women voters. senator ted cruz recently did a l
people from buying the cost might. new yorkers paid the highest state tax on cigarettes. $4.74 tax a pack. number two highest rhode island followed by connecticut. meantime, virginia, which is a big tobacco producer, is next to last. missouri has the lowest state taxes at 38 cents a pack. where does your state rank? just head to our website jansing.msnbc.com. [ male announcer ] from the way the bristles move to the way they clean, once you try an oral-b deep sweep power brush, you'll never want to go back. its dynamic power bristles reach between teeth to remove up to 76% more plaque than sonic in hard to reach areas. oral-b deep sweep 5000 power brush. [ female announcer ] from more efficient payments. ♪ to more efficient pick-ups. ♪ wireless is limitless. [ female announcer ] from tracking the bus. ♪ to tracking field conditions. ♪ wireless is limitless. only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at th
is saying president obama is wasting her tax dollars on his family and his dog beau. she said stuff in the past that has no facts to back it up. we wanted to ask where she got her fact this is time. we'll show you what happened when dana bash tracked her down. just when you thought you had experienced performance a new ride comes alo and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. nlove. as americans, we believed we can'tin freedom.person we during the command performance sales event. that's what i fought for as a marine, and that's what we believe in as republicans. freedom means freedom for everyone. i didn't use to understand the importance of same-sex marriage, but after learning my brother was gay i wanted the same rights for him. he was the best man at my wedding and i want to be the best man at his. it's only fair that calvin should have the freedom to marry the person he loves, too. it's time for marriage. google's backyard for the wbing it on challenge.. [f
is it that allowed or condoned or suggested the idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that w
monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >> there are growing questions about a possible government coverup as we hear claims of the american survivors of the attack in benghazi, libya, they're being told by the feds keep quiet. investigators believe at least 33 people were rescued during that attack. but the public has yet to hear from any of them as senator lindsey graham believes why their stories are so critical. >> i've had contact with some of the survivors, their story is chilling. they feel afraid to tell it as they come forth and tell the story, the best evidence of benghazi, there's not the a bunch of politicians not trying to cover their political (bleep) these are people living through the debacle. i'm trying to get them before the american congress and people in an appropriate fashion so they can learn firsthand what happened in benghazi. >> are the survivors back on the job. >> some are back working for the government and some are
. the senate bill calls for deficit reduction through increasing taxes and spending cuts and, of course, the house bill calls for steep cuts in balancing the budget within ten years. of course, some revisions to medicare as well. a lot of differences and we have another deadline coming up. the debt ceiling will have to be revisited this summer, alex. >> looking forward to that. >> reporter: yeah, we all are. >> thank you very much, kristen welker. >>> joining me right now, andy sullivan and ann palmer. ann, i'll begin with you. the president is back from the middle east. the reviews are out there. how are you getting the word in terms of how he was perceived? >> i think one of the key things you can look at is what the israeli press put out in the days following his first steps and throughout the entire visit and it was a resounding applause. he got very good praise from them. obviously from what he was trying to do was take that frosty relationship with benjamin netanyahu and try to piece it back together. he did that. it was exactly what he needed to do. there wasn't a lot of meat on
to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> can $10 million make a bunch of stuffy old men less stuffy? less old? less male? it's monday, march 18th and this is "now." >>> joining me today here in washington, d.c., former white house press secretary, and msnbc contributor, robert gibbs, national political reporter at the "washington post," malika henderson, bbc world news anchor, catty kay and "washington post" columnist and msnbc political analyst, the inimitab ablable eugene robinso. >>> four months after the gop's loss at the election, the results are in, cause of death, massive full-body trauma. >> our message was weak, our ground game was insufficient. we weren't inclusive. we were behind in both data and dig
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